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What is the correct amount of income to be reported for year

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Reference no: EM131968618

Question - Basil Company, a cash-basis taxpayer, had the following activity during Year 1:

Sales in Year 2, uncollected $ 40,000

Sales in Year 2, collected 1,000,000

Total sales in Year 2 1,040,000

Collections on Year 1 bad debt 50,000

What is the correct amount of income to be reported for Year 2?

Reference no: EM131968618

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